Rents have also escalated dramatically and rental units are scarce, leaving tenants discouraged and financially strained, looking for a better way to put a roof over their heads but hoping to stay in Edmonton.How to stay in Edmonton without renting?
"GIT-R-DONE" with higher debt service ratios:
non-conforming lenders, available primarily through mortgage brokers, may allow as much as 50% of the monthly income to be used for both housing and consumer debt.
"GIT-R-DONE" with creative and non-legal income:
Some examples of acceptable income are self-employed income, as little as one day in business, part-time employment, overtime earnings and even non-declared tips. Other commonly used income includes GST cheques, child tax, child support and alimony payments (both court-ordered and not), pensions, foster parent income, workers’ compensation payments and even rental income from a roommate or illegal basement suite.
"GIT-R-DONE" with whatever this means:
In some cases non-taxable income received can be grossed up by as much as 25% to help qualify for the mortgage.
"GIT-R-DONE" with longer amortization:
Another way to improve the chances of qualifying for a mortgage is by stretching the repayment period out over a longer amortization period, as much as 40 years.
Just be sure to "GIT-R-DONE":
Don’t talk yourself out of trying to buy because you think you can’t qualify with today’s prices. With the hundreds of mortgage products available to borrowers today through a mortgage broker, the odds are certainly in your favour!
Update: I thought i was being original but there appears to be a Git-r-done mortgage shop already open for business.